Davos 2018: BLSA wants state capture, graft tackled

JOHANNESBURG – AFTER choosing a new leadership to address intense factionalism, at least for now, the ruling African National Congress (ANC) must lead efforts towards restoring confidence on South Africa.

This is according to the Business Leadership South Africa (BLSA) ahead of a delegation from the country attending the Davos Meeting of the World Economic Forum (WEF) in Davos next week.

The event is set for January 23-26 in the Swiss city.

Cyril Ramaphosa, the recently-elected ANC president and current deputy president of the country, will lead the delegation from Africa’s most advanced but struggling economy.

Bonang Mohale, CEO of BLSA

“With the much-anticipated ANC leadership changes behind us, much work now needs to be done to, amongst other things, restore confidence in our country,” Bonang Mohale, BLSA President, said as he addressed delegates in Sandton.

He said it was vital for government to urgently refocus to ensure the reform of key state-owned corporations (SOCs) is made a top priority, and that the February 2018 Budget contains strong measures on cost containment and structural reforms to boost growth and revenue collection.

Focus should also be on arresting increases in government debt and fiscal deficits.

“Decisive action on these key issues is a matter of extreme urgency in order to regain our investment-grade ratings as a foundation for growing our economy and reducing unemployment especially amongst our youth,” Mohale said.

He said fighting corruption should also be a priority hence government must demonstrate political intent to deal with state capture and corruption and supports the strength and independence of critical public institutions such as the National Treasury, the Reserve Bank and the criminal justice system.

BLSA said with demonstrable ethical and inspirational leadership and collaboration the country can in Davos send a message that South Africa is open for business.